your money
Chris Farrell
Columnist | Your Money
Phone:
Email: cfarrell@mpr.org
Chris Farrell is economics editor for American Public Media's weekly "Marketplace Money" show and author of "The New Frugality." He answers reader questions on most Sundays. Send questions to cfarrell@mpr.org and put "Your Money" in the subject line.
After cuts to 401(k), they're eyeing early mortgage payoff
Facing wage freezes, furloughs and now a lost 401(k) match, is it the time to change financial course?
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Wiser to close credit-card account or accept higher interest rate?
A reader writes: I have a Chase credit card with a $24,000 balance. About $12,000 has a promotional interest rate of 0.99 percent for the next 12 months. The other $12,000 has an interest rate of 6.99 percent. I recently received a letter telling me that Chase is raising the interest rate to 10.99 percent....
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Chris Farrell: Advantages and disadvantages of U.S. I-bonds vs. TIPS
Other than the need to hold I-bonds for five years to maximize the interest payment, what are pros and cons of I-bonds vs. TIPS?
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Shop around for the best deal on mortgage refinancing
Where do we go to find a trustworthy bank that offers the lowest 15-year mortgage interest rate and the lowest closing costs? And do banks negotiate their interest rates and closing costs, or are these things always set?
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Chris Farrell: With loan rates so low, now might be a good time to shed ARM
For most people with adjustable-rate mortgages, the best counsel is to lock in today's low rates with a fixed rate.
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Entering retirement mortgage-free is usually a good strategy
A reader writes: My wife and I want to refinance. We found a great deal on a 12-year mortgage, so that means by the time we are about to retire the mortgages on both our homes would be paid off. Could this be a negative thing?
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New withholding rate boosts paychecks, but there could be a catch
Thanks to a new law effective April 1, take-home pay is a little bit higher now. But the question is, are tax rates actually lower or is the government just withholding less? If tax rates remain the same, will there be an underpaying penalty when tax time comes next year?
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Minimize downside; don't reach for riches
Trying to position retirement accounts for the economic rebound isn't exactly a good idea.
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The credit-card law is a victory for consumers
Thank you, Washington. It's an appropriate sentiment after the Senate and House overwhelmingly approved new rules on the credit card industry.
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Her life insurance was a good idea she may no longer need
She feels weird about not having it, but she's having trouble coming up with a good reason to keep the policy.
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